ZF has increased the price per share in its public cash offer for Haldex from SEK110 (US$12.86) to SEK120. The German firm has previously received full antitrust clearance in all relevant markets, allowing for a quick completion of the offer.
"This ensures a short offer process and transaction certainty for shareholders and thus avoids uncertainty for Haldex, its business and customers," ZF said in a statement.
The conditions of ZF's all cash offer remain unchanged and require ZF to hold more than 50% of Haldex's shares after the expiry of the acceptance period which has been extended to 3 October 2016.
Stefan Sommer, chief executive officer of ZF, said: "We have carefully analysed the situation and decided to increase our offer to SEK120 per share. Haldex and ZF are a perfect strategic, commercial and technological fit. By accepting ZF's offer, a prolonged period of uncertainty for the company, its employees and customers, which could harm Haldex's business and the value of the company, can be avoided."
ZF has received antitrust clearance in all relevant markets. The offer thus represents a safe option for Haldex shareholders. ZF can complete the offer very quickly. Shareholders who have tendered their shares in Haldex under previous offer conditions will automatically benefit from the increased offer of SEK120 in cash per share without further action.
The same conditions apply as in the offer document from 19 August 2016 in respect of the decrease of the acceptance level from more than 90% to more than 50% of the share capital in Haldex and receipt of all necessary approvals and clearances.
Provided that the offer conditions have been satisfied or waived no later than on or around 6 October 2016, ZF expects to be able to begin settlement of the transaction on or around 10 October 2016.